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When starting out with CFDs, it's important to develop a solid trading plan. This plan should outline your goals, risk tolerance, and preferred trading style. Are you a day trader, or do you prefer holding positions for longer periods? Understanding your approach will guide your trading decisions and help maintain discipline. Additionally, staying informed about market news and trends is vital. Economic indicators, geopolitical events, and corporate earnings reports can all influence the markets, impacting your CFD trades.